# Pre-Crisis vs Post-Crisis: EMU Demographic CA Effects

| Variable | Full EMU | Pre-crisis | Post-crisis | Pre: Age | Post: Age |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -189.7500*** | -78.2842 | -107.8335*** | | |
| | (35.6908) | (92.2309) | (35.2135) | | |
| Z_2 | 24.2056*** | 6.4623 | 14.8205*** | | |
| | (4.6263) | (12.3312) | (4.5839) | | |
| Z_3 | -0.8706*** | -0.1789 | -0.5624*** | | |
| | (0.1713) | (0.4687) | (0.1697) | | |
| fiscal_bal_gdp | -0.0679 | 0.1706* | 0.0742 | 0.0546 | 0.1026 |
| | (0.0654) | (0.1023) | (0.0835) | (0.0992) | (0.0847) |
| nfa_gdp_lag | 1.6071** | -0.3006 | 3.8210*** | -0.3368 | 4.1272*** |
| | (0.6681) | (0.5112) | (0.7028) | (0.5301) | (0.6936) |
| rgdp_growth | 0.1202*** | -0.0025 | 0.1321** | -0.0019 | 0.1255** |
| | (0.0379) | (0.0866) | (0.0510) | (0.0883) | (0.0522) |
| old_dep | | | | 26.6604 | -6.1296 |
| | | | | (33.7931) | (8.5657) |
| youth_dep | | | | 70.6801 | 8.1643 |
| | | | | (46.2972) | (16.2628) |
|:---|---:|---:|---:|---:|---:|
| N | 447 | 115 | 297 | 115 | 297 |
| R² | 0.2416 | -0.3860 | 0.3323 | 0.1310 | 0.3148 |
| Countries | 19 | 13 | 19 | 13 | 19 |

*Panel GLS with country and year fixed effects. Pre-crisis: 1999-2007 (convergence era). Post-crisis: 2010-2024 (post-sovereign debt crisis).*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*